To avoid any misunderstandings, it’s best to provide your prices in a written quote or contract.
Setting your rates is one of the most difficult tasks a freelance copywriter must face. Of course, you want to maximize your earnings. But price your copywriting services too high, and you won’t land clients. If your copywriting fees are too low, you’ll find yourself working hard but not making enough to survive or at least justify staying self-employed.
You’ll need to find a balance – fees that are fair and competitive yet allow you to make a profit. Consider the strategies below in establishing your copywriting rates.
A large part of determining your prices for copywriting services is knowing what clients are willing to pay. Start by checking out the market. Look for competitors online. If you can find their prices posted, you’ll quickly gain a sense of what the market will bear.
Search for articles on the subject of freelance copywriter pricing. Many bloggers have tackled this topic. Read both the post and the reader comments to get a solid understanding of the topic.
Another option is to check freelance job boards, which sometimes post prices along with project descriptions. You can also go on forums for freelancers and ask price-related questions. Participants are often willing to share their knowledge. They can give you guidance based on their personal experience.
Put pencil to paper and calculate your overhead, business and personal. What do you need to make to first survive and to be profitable?
Sure you’ll take into account your experience, geographic location, the individual client/project and competition in setting your rates, but you also should know the magic number, the break-even point, that you can’t go below.
Once you begin getting copywriting projects, keep time sheets that allow you to calculate how long each job takes. If you charge $100 for a job but find you need 10+ hours to complete it, then you’re a skilled professional making hamburger-flipping pay.
Of course, you can expect to get faster at completing tasks as you gain experience. With practice comes speed and the ability to take shortcuts. However, tracking your time is still a necessary task to ensure profitability and productivity. Also, you’ll need that information to set realistic deadlines when estimating the turnaround time for a copywriting project.
When you set rates for your copywriting services, be transparent. Prices should be easy to understand. If they’re confusing, they’ll be hard to justify.
Clients can comprehend $1,000 for a five-page website or $300 for a sales letter. But they’ll feel uneasy with pricing that’s vague, such as a wide price range or a quote that comes with a long list of caveats, i.e. includes two sets of revisions, limited use copyrights, etc. They also won’t take kindly to any hidden fees that surface only after the job has been booked.
If your client has requested an hourly price, you’ll need to provide the whole equation, which includes both rate and time. Clients won’t be able to budget for a project without an estimate of how long the project will take. However, if possible, avoid pricing your services by the hour. Read on to learn why.
Your proficiency and the speed at which you are able to complete you work can greatly affect your bottom line. Don’t undersell your services by charging an hourly rate, even though some clients may pressure you to do so. With that approach, your income will decline as you gain experience. And you definitely don’t want that!
Instead, focus on the value of the project to the client. Will your copy help this client to generate more sales or build his or her brand? If so, then the budget is an investment not just an expense. If your work is critical to your client’s success and could translate into actual sales and profits, then you should have no problem convincing him of her of your worth.
You’ve spent years learning your craft. You have a talent and a well-honed skill. You’re probably worth more than you think.
Remember, if clients could do the copywriting work themselves at no cost, they would. They can’t, or at least realize it’s not the best use of their time, so they hire you. Charge accordingly.
When developing a quote for a copywriting project, you might consider offering your clients two options – one that’s comprehensive with all the bells and whistles for a premium rate and another basic, no-frills, more affordable alternative. Just make sure the two choices, or three if necessary, are distinct and easy to understand.
By offering multiple price tiers for your copywriting services, you get clients to focus on choosing an option, not on whether they should hire you or not.
Also, price tiers help to prevent scope creep, which can occur when you quote a project bare bones to fit within the client’s budget but then find yourself pressured to provide more work for no additional compensation.
In most cases you’ll want to steer your clients to the higher priced option, which is a win-win: more and better services for them and bigger profits for you.
Once you have some copywriting experience under your belt, a proven strategy is to position yourself as one of the best in your field and to charge accordingly. You’ll learn to avoid clients who are bargain hunters and attract those who appreciate quality work and premium service.
If you develop a specialty, you’ll find it easier to charge top dollar. Create a niche that allows you to stand out. For example, you can be a copywriter who writes copy for realtors, or software companies, or healthcare organizations.
Or you can specialize in the type of writing you do – press releases, e-books, case studies, etc. The niche should be something that interests you and also for which demand exists. As a qualified specialist, your copywriting services will be perceived as having added value, which then translates into higher rates.
While you may be tempted to price your copywriting services low in an attempt to gain clients and increase your volume, that’s a strategy best avoided.
When you price your copy below market, one of three things will likely occur:
The race to the bottom is better left to copywriters from Third World countries, newcomers to the field and hobbyists. You don’t want to compete with those folks; they’ll always underbid you.
Some clients will push you to lower your prices by promising more work in the future. A typical plea goes something like this: “Cut me a deal on this project, and I’ll be able to make it up to you on the next one. This is just the first of many future projects we’ll be doing together.”
Unfortunately, often that future work doesn’t materialize, and even when it does, your client will expect rates comparable to the first job, despite having promised otherwise. A precedent has been set that determined not only your present but also your future value.
The best strategy for situations in which the carrot of future work is dangled is to say to your client, “Let’s just focus on this project for now. Down the road if we work on additional projects, I may be able to give you a volume discount.”
No matter how much you like your clients, realize it’s not your mission to save them. Just because they need your services but can’t or won’t allocate the budget for them doesn’t mean you have to reduce your prices to get the job done.
If they’re only willing to pay for a Hyundai, you are not obligated to provide a Mercedes. You’re not an owner who will benefit if their business does well.
You’re a service provider, a professional. And your time and talents are worth the price, so don’t do favors. Remember, this is a business, not helping out a friend and not charity work.
Taking on copywriting work at a discount might actually be costly to you if it means you then have to turn down other better paying projects. The opportunity cost is real.
While it may initially seem as though you’re losing money by saying “no,” it could cost you more to say “yes” if you find yourself locked into completing a low- or no-profit project. Instead, put the time into your marketing efforts.
Work on getting more exposure and building your brand, all the while keeping yourself available for other more lucrative copywriting projects that might come in the door.
When quoting your rates, do so with conviction. You are worth every cent you charge and more. Banish self doubts. If you don’t believe in yourself, clients will sense your insecurity and push for a discounted fee.
Stand firm on your budget once you’ve done your research and presented your case to a prospective client. If a client balks at your proposal, explain how you arrived at your price.
You can describe similar previous projects, outline how long the work takes, and stress the value you’ll bring to the project. Help the client envision how his or her top priorities will be satisfied by your copywriting. When your service fills a need so precisely, price shouldn’t matter.
Also, don’t feel pressured to lower your copywriting rates just because a client has questioned them. Your prices may be too expensive for that particular client, but that doesn’t mean they’re not fair. You are not obligated to be affordable to everyone. And no matter how low you price your services, someone will always say you’re charging too much.
If the budget isn’t there, don’t be afraid to walk away from a job. You will find other clients and other projects. No one job is going to make or break you. Establish your rates and pricing strategy; then stick with the program.
At the heart of your business should be the belief that your copy won’t cost clients money. Ultimately, it will make them money by building their brand and generating leads and sales. Their return on investment in your copywriting services will come back to them many times over.
So establish your copywriting rates and have confidence in the value you’ve placed on yourself. Now go land some clients. Start making the money you deserve today!
Wow! Sounds great! I’d call that a wrap. Thank you so much for bearing with me. This was well worth the effort. Really sends the message home – POW!
Corey Hooper
President
Creators Bounty
Lighthouse Point, Florida
Susan Greene
Professional Copywriter
Affordable Rates
Orlando, Florida
floridacopywriter@gmail.com
(407) 578-5528
